Billionaire Draper Pitches Sri Lanka on Bitcoin, Gets Rejected
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Billionaire Draper Pitches Sri Lanka on Bitcoin, Gets Rejected
Billionaire Draper Pitches Sri Lanka on Bitcoin, Gets Rejected
(Bloomberg) -- A billionaire cryptocurrency evangelist may have gotten a tougher reception than he expected when proposing widespread adoption of Bitcoin to a bankrupt country.
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Silicon Valley investor Tim Draper was in Sri Lanka to shoot an episode of his “Meet the Drapers” TV show with local entrepreneurs, and met President Ranil Wickremesinghe on Tuesday to proselytize the adoption of cryptocurrency. He journeyed to the central bank the next day with the same pitch — but embattled Governor Nandalal Weerasinghe, who’s still working to calm financial mayhem, was having none of it.
“I come to the Central Bank with decentralized currency,” proclaimed Draper, dressed in a Bitcoin tie for the meeting that took place in a teak-paneled room overlooking the sea.
“We don’t accept,” Weerasinghe said, taking another sip of fizzy ginger beer.
During the meeting, Draper several times referred to what he described as Sri Lanka’s reputation for corruption and argued cryptocurrency was one solution. Colombo could avert graft by keeping perfect records after adopting Bitcoin, he argued.
“Have you seen Sri Lanka in the news? It’s known as the corruption capital,” Draper said. “A country known for corruption will be able to keep perfect records with the adoption of Bitcoin.”
Sri Lanka’s topmost monetary official countered: “Adoption of 100% Bitcoin won’t be a Sri Lanka reality ever.”
It’s a frostier response than Draper has gotten in some other locations. The tiny island country of Palau in the Pacific made him the founding resident of its digital-residency program, for instance.
Fuel and food shortages in Sri Lanka stirred riots last year that forced the then-President to flee the country and later resign. The debt-stricken nation is in talks with international creditors about debt restructuring, aiming to get the International Monetary Fund to come up with a rescue plan. Inflation stands at 54.2% and last year the economy contracted 8%, the governor said.
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